Author: Lee Wood at Internet
Date: 12/07/1999 7:54 PM
>Dear SEC:
>
>I am writing in regards to the proposed law concerning the short selling
>of OTC-BB
>stocks (Proposal # S7-24-99). The naked shorting of OTC-BB stocks should
>be eliminated.
>
>One of the main reasons why "penny" stocks are so risky and volatile is
>not solely because of
>the companies themselves, but because of the rampant naked shorting by
>market makers and
>offshore brokers, mostly without having to borrow the shares and without
>"up-tick" or any other
>limitations.
>
>This activity goes unchecked everyday and must be dealt with
>accordingly. Unchecked and
>out-of-control chaos and deception seems to run rampant day after day.
>
>Unregulated Shorting is used as another weapon against bona fide
>investors who are
>squeezed out by unscrupulous manipulators and shorters.
>
>The abolition of naked shorting in conjunction with the requirements of
>being fully reporting will
>ensure a more fair and equitable market for investors and companies
>alike, a market where a
>company's true value is reflected in the price and not distorted,
>suppressed or inflated
>artificially by manipulation.
>
>Of course, much more needs to be done but finally, in my opinion, we are
>getting some action
>and regulations to protect investors a lot better. Keep up the good work
>! It is needed !
>
>Respectfully Submitted,
>
>Lester W. Wood
>
>
>